Jefferies upgraded Eastman Chemical (NYSE: EMN) from Hold to Buy with a price target of $96.00 (from $82.00).

Analyst Laurence Alexander comments, "Over the next 12-18 months Eastman's discount to its large-cap peers should narrow as the company integrates Taminco, allays concerns over petrochemical and acetate tow headwinds, and delivers an estimated 8.5% FCF yield before dividends. We upgrade Eastman to Buy from Hold, and raise our price target $14 to $96, 12.2x 2015E EPS and 11.2x 2016E.:

The firm raised FY 2015 EPS from $7.45 to $7.85.

For an analyst ratings summary and ratings history on Eastman Chemical click here. For more ratings news on Eastman Chemical click here.

Shares of Eastman Chemical closed at $80.78 yesterday.